Deputy Minister of Energy at a forum in Khanty-Mansi Autonomous Okrug predicted a shortage of oil in the market

Oil shortages are expected in Russia due to lower investment in the oil and gas sector. This was announced by First Deputy Minister of Energy of Russia Pavel Sorokin during an online speech at the Oil Capital forum, which takes place in Nizhnevartovsk.

“In oil and gas, we see that investment is now 20-25% below the normal pre-Covid level. And this means that in 3-5 years we will have a fairly significant gap in new capacities being commissioned. And all the burden will fall on the shoulders of OPEC +, which continue or try to continue to invest,” Sorokin said.

Earlier, URA.RU reported that Pavel Sorokin assessed the sale of Russian oil at a forum in Khanty-Mansi Autonomous Okrug. According to him, Russia is not experiencing difficulties with sales.